General Atlantic led a USD152m Series B for Jüsto, a Mexican grocery delivery platform, with participation from Tarsadia Capital, Arago Capital, Citius, Quiet Capital and follow-on from Foundation Capital. General Atlantic led a USD65m Series A in February 2021; Bimbo Ventures and Sweet Capital led a USD5m round in October 2020.
(Press Release) – Jüsto, a leading online grocer in Latin America with operations in Mexico, Brazil and Peru, announced today it has raised a USD $152M Series B investment led by General Atlantic, a leading global growth equity firm. New and existing investors Tarsadia Capital, Citius, Arago Capital, Foundation Capital and Quiet Capital also participated in the round, among others. Jüsto will leverage the new capital to fund its continued growth, including geographic expansion within Brazil, Mexico and Peru, as well as into new geographies in Latin America, in addition to supporting investments in its tech stack.
Jüsto was founded in 2019 by CEO Ricardo Weder as Mexico’s first vertically-integrated, online grocery platform with no physical store presence and has quickly become a leading, 100% online grocer in Latin America. Through its unique value proposition of high-quality fresh produce, consumers are able to buy their full basket of groceries online with a seamless experience. Throughout 2021, the company experienced 5x revenue growth as consumers continued to adopt online solutions. In late 2021, Jüsto launched operations in São Paulo, Brazil. The Company also acquired Freshmart, a leading Peruvian e-grocer, in October 2021.
With this growth investment, Jüsto will continue to focus on its expansion plan to transform – through technology and fair practices – the grocery industry in Latin America, a market that represents a USD $600B opportunity. Jüsto is committed to providing high-quality products, fair practices and new distribution avenues to suppliers while also offering competitive prices, lower transaction costs and improved convenience to consumers by eliminating intermediaries in the supply chain.
“We view this latest growth investment as a testament to our investors’ trust in Jüsto, our business model, our team and the exciting opportunity we are pursuing. We are fully committed to transforming the grocery industry in Latin America, and with this investment we are one step closer,” said Ricardo Weder, Founder & CEO at Jüsto. “We are thrilled with our partners’ continued support and look forward to our next phase of growth in Brazil, Mexico and Peru and across Latin America more broadly.”
Jüsto uses technology to improve the online and app-based customer journey and shopping experience. The company leverages AI to forecast demand and reduce waste levels at each of its micro-fulfillment centers, as well as proprietary software to manage, pick and deliver customer orders. Data analytics drive decision making around catalog, expansion and day-to-day operations.
“Latin America continues to rapidly develop as an emerging and exciting digital economy. We believe that Jüsto is tapping into this transition and providing Latin American consumers with a new, tech-enabled alternative that better serves their needs,” said Luis Cervantes, Managing Director and Head of Mexico at General Atlantic.
“Jüsto’s continued growth across Mexico, combined with its expansion into Brazil and Peru, speaks to the team’s deep understanding of the evolving Latin American market,” added Martín Escobari, Co-President, Managing Director and Head of Latin America at General Atlantic. “We believe Jüsto has a significant opportunity to drive further digital transformation across the region.”
Since its inception in 2019, Jüsto has raised more than USD $250M. Jüsto is proud to promote a socially and environmentally responsible culture. Jüsto also contributes to its communities by offering a high-quality, broad range of products from both large consumer products companies, as well as from smaller local producers – helping to strengthen the economic activity of rural and semi-rural communities – at competitive and fair prices.